- Oil extends gains as US stockpiles post largest draw in two months
- WTI prompt-month rose $0.23 to $62.94/Bbl Thursday morning (7:45 AM CT)
- EIA data showed US crude inventories fell by 6 MMBbls last week, the steepest drop in two months, while gasoline stockpiles declined for a fifth straight week
- However, inventories at Cushing, OK, rose for a seventh consecutive week
- “The market continues to weigh a mix of bullish and bearish drivers which, combined with thin summer liquidity, are keeping prices boxed in,” said Ole Hansen, head of commodities strategy at Saxo Bank
- India reaffirms Russian oil purchases, with conditions (Bloomberg)
- India pledged to continue buying Russian crude “depending on the financial benefit,” according to Vinay Kumar, India’s ambassador in Moscow
- Russia expects India’s purchases to remain steady, as Moscow continues to offer a 5% discount, leaving India with limited alternatives, said Evgeny Griva, Russia’s deputy trade representative in India
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